Hedera (HBAR) continues to experience downward momentum, with its price now sitting below $0.103 following a nearly 4% decline from the previous day. This price dip is accompanied by weakening on-chain and derivatives data, which bolster a bearish sentiment among investors. Analysts are suggesting that the current technical indicators foreshadow a potential deeper correction for HBAR in the near future.
The broader cryptocurrency landscape is also facing challenges, as several altcoins, including Bitcoin Cash (BCH), Hyperliquid (HYPE), and Pump.fun (PUMP), are reflecting significant losses in the past 24 hours. Concurrently, Bitcoin has slipped below the $64,000 mark, which adds to the bearish atmosphere pervading the market. The technical analysis for BCH, HYPE, and PUMP signals considerable downside risk as the market grapples with a sell-off.
In a somewhat contrasting development within the industry, BitMine Immersion Technologies (BMNR) has made headlines by acquiring 51,162 ETH last week. This purchase is notable as it represents the firm’s largest acquisition since December, highlighting ongoing institutional interest in Ethereum despite the prevailing market turbulence.
